ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2013

Aspocomp Group Plc
Interim report

ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2013

Espoo, Finland, 2013-10-24 08:00 CEST (GLOBE NEWSWIRE) —

Aspocomp Group Plc, Interim Report, October 24, 2013 at 9:00 a.m.

Key figures 1-9/2013 in brief

– Net sales: EUR 14.9 million (EUR 18.5 million 1-9/2012)
– Operating result before depreciation (EBITDA): EUR 0.9 million (2.2)
– Operating profit (EBIT): EUR -0.2 million (1.1)
– Earnings per share (EPS): EUR -0.04 (0.18)
– Operational cash flow: EUR 0.3 million (1.4)

Outlook for the full year 2013 remains unchanged. Net sales are expected to amount to EUR 20-23 million and operating result to EUR -1.0-0.0 million.

CEO’S REVIEW

“The demand environment has remained difficult and uncertain in 2013. Our net sales increased slightly in the third quarter compared to previous quarters, but remained at an unsatisfactory level. However, thanks to strict cost control, the third-quarter operating result was positive, being EUR 0.2 million or 4 percent of net sales. Net sales for the three reported quarters amounted to EUR 14.9 million and the operating result was EUR 0.2 million negative.

Operational cash flow was EUR 0.3 million. Aspocomp’s net debt is zero and its financial position has enabled important technology investments as well as intense efforts among new customers and customer segments.”

NET SALES AND EARNINGS 1-9/2013

Net sales amounted to EUR 14.9 million, a year-on-year decrease of 19 percent. The five largest customers accounted for 66 percent of net sales (68% 1-9/2012). In geographical terms, 88 percent of net sales were generated in Europe (93%) and 12 percent in Asia (7%).

The level of demand was unstable in the first three quarters of 2013 and particularly weak in the telecom infrastructure segment, where net sales fell clearly below the budgeted figure. The actual net sales of the other segments were also weaker than budgeted.

The operating result was EUR -0.2 million (EUR 1.1 million in 1-9/2012), representing a negative margin of 1 percent of net sales. The result is improved by a one-time item of approximately EUR 0.9 million, which is related to the reversal of a provision for closure expenses (see the company’s stock exchange release dated July 5, 2013). Both plants operated at low capacity utilization rates, which caused a decrease in profitability in comparison to the reference period.  The capacity utilization rate has improved slightly towards the end of the reporting period, but is still at an unsatisfactory level.

Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million in 1-9/2012). The profit for the period was EUR -0.2 million (EUR 1.1 million) and earnings per share were EUR -0.04 (EUR 0.18).

THE GROUP’S KEY FIGURES

OUTLOOK FOR THE FUTURE

As Aspocomp’s business focuses on prototypes and quick-turn deliveries, it is difficult to forecast net sales. Net sales in 2013 are expected to amount to EUR 20-23 million and operating result to EUR -1.0-0.0 million.

PUBLICATION OF FINANCIAL RELEASES

Aspocomp has adopted the disclosure procedure enabled by Standard 5.2b, which was published by the Finnish Financial Supervision Authority. This stock exchange release is a summary of the Aspocomp Group’s Interim Report January 1 – September 30, 2013 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company’s website at www.aspocomp.com.

ADDITIONAL INFORMATION

For further information, please contact Sami Holopainen, CEO, tel. +358 20 775 6860, sami.holopainen(at)aspocomp.com.

ASPOCOMP GROUP PLC
Board of Directors

Aspocomp – a PCB technology company

Aspocomp develops and sells PCB manufacturing services. Our seasoned professionals help customers to create the most optimal PCB designs, both in terms of performance and cost. Our trimmed production lines produce the most challenging designs with the shortest lead-times in the industry. Our volume supply services offer cost-efficient access to all PCB technologies.

A printed circuit board (PCB) is the principal interconnection method in electronic devices. PCBs are used for electrical interconnection and as a component assembly platform in most electronic applications. Aspocomp’s PCBs are used in many applications, such as telecommunication networks and devices, automotive electronics, security and medical systems, chipset development and industrial automation.

www.aspocomp.com

Some statements in this stock exchange release are forecasts and actual results may differ materially from those stated. Statements in this stock exchange release relating to matters that are not historical facts are forecasts. All forecasts involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of the Aspocomp Group to be materially different from any future results, performances or achievements expressed or implied by such forecasts. Such factors include general economic and business conditions, fluctuations in currency exchange rates, increases and changes in PCB industry capacity and competition, and the ability of the company to implement its investment program.